Denna magisteruppsats utvärderar guldets egenskaper som diversifieringskomponent i en svensk aktieportfölj. Genom att jämföra den historiska prisutvecklingen för aktier respektive guld från 1986 och framåt, avser studien undersöka huruvida det är lönsamhet att addera guld till en svensk aktieportfölj. Med lönsamhet avses den så kallade Sharpekvoten vilket är ett mått på hur lönsam en tillgång är då avkastning sätts i relation till risk. Undersökningen sker med hjälp av regressionsanalys samt backtester över fyra olika tidsperioder. Vidare jämförs guldets korrelationskoefficient gentemot svenska aktier med koefficienten för amerikanska aktier, japanska aktier, olja samt stål. Detta i syfte att sätta guldets diversifieringsegenskaper i relation till andra alternativ. Slutsatsen är att det finns goda belägg för att guld kan användas som en fördelaktig diversifieringskomponent och att en aktieportfölj diversifierad med guld kontinuerligt har gett en högre riskjusterad avkastning än en svensk aktieindexportfölj under den uppmätta perioden.

The modern arena as we know it today has its origins from about 100 years ago. Since then a lot of aspects have been changed and developed. Arenas built in the same age tend to have the same features and configurations and can therefore be categorized into different generations. Stockholm is represented in each generation but the fourth that constitutes arenas of the early 21st century. Besides that there has been several arena constructions built through the entire 20th century and now most recently in 2010s. The overall motive behind arena investments can be categorized into two types. Either the arena was built simply because there was a considerable demand for it. For this case it has mainly been a matter of total lack or insufficiency of a specific sports arena. In the other case the arena has been used as a ground stone for developing a whole new district. The arena has then served as a landmark to attract people to other facilities in its vicinity. The first case has showed out to generally be initiated and financed by the public sector. The latter however is more often initiated and financed through public and private partnerships. What unites the two categories is that even whether its publicly or publicly-privately-partnership financed the investment needs to be profitable for the investor. In cases where the economic yields are not enough there needs to be some other kind of incentive to go through with the investment. A typical incentive is that the arena turns out to be better than alternative investments and that, in a bigger perspective it still adds value to the investor. If the incentives for a new arena are fulfilled and the cost estimates are positive the arena construction will be carried out.